Tom Landry

As the new year kicks off, the data show a steady market on the whole, but homes lingering longer and price reductions more common.

After several years of record-setting activity, Portland’s housing market is transitioning into rising inventory, longer days on the market and softening prices, said a local broker.

Energy bills are lower than average thanks to solar, super insulation, air-sealed construction and triple-pane windows, said the developer.

Softening inventory reflects a return to a traditionally seasonal market cycle — unlike the pandemic years, when the market was busy year-round, said one broker.

For older sellers, faster sales might be more important than getting top dollar, as they look to simplify, control the process and move forward on their own terms.

Sale volume in Portland’s single-family home market was up 22% in May, but could cool off as the inventory of homes for-sale surges.

Two high-end condominium developments and a 327-unit apartment complex targeted to middle-income households are all now on hold due to rising costs.

To meet these goals, Maine is going to need further funding and technical support from state government, input and tracking from municipalities, and work at both the state and local level — by community officials and citizens — to streamline the approval process.

The inventory of homes for sale in Maine is tight, and prospective buyers in much of the state would be hard-pressed to find a house for sale at the median price of $400,000.

At $2.95 million, it was the highest-priced and highest price per unit for any two- to four-family home ever sold in Portland, said the listing broker.